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Federal Reserve Chairman Jerome Powell. Photo: Alex Wong/Getty Images

The main takeaways from Federal Reserve Chairman Jerome Powell's closely watched speech today in Jackson Hole, Wyoming were pretty much what Powell has indicated before: the economy is good, and interest rates are going to go up.

Why it matters: Investors were watching because they're looking for hints about how the Fed is considering the possibility of an "overheating" economy, the trade war or recent emerging market turmoil and what it means for the central bank's rate hike framework. But for this speech to a summit of central bank officials, Sarah House, a senior economist at Wells Fargo, tells Axios: "[Powell] is trying not to make waves."

What Powell said:

On rate hikes: "If the strong growth in income and jobs continues, further gradual increases in the target range for the federal funds rate will likely be appropriate."

On the strength of the economy: "With solid household and business confidence, healthy levels of job creation, rising incomes, and fiscal stimulus arriving, there is good reason to expect that this strong performance will continue."

Between the lines: There was no mention of trade or tariffs in the speech. Why? House tells Axios:

The heightened focus on this speech means that a mention of trade policy could be viewed as too much of a foray into the President’s policy realm. Given that Fed independence is under more pressure than at any time in the past four decades, I think he’s trying to lead by example and stick to his lane.

The backstory: It's Powell's Fed chair debut at the annual gathering, and the speech comes days after President Trump's most recent criticism of the Fed's raising of rates. Powell's comments are consistent with the minutes from the Fed's most recent meeting showed officials are ready to hike rates at least once more this year.

Go deeper:

Fed minutes show support for rate hike and concern about trade

Trump hits Fed Chair Jerome Powell for rate hikes, again

Go deeper

Biden plans to ask public to wear masks for first 100 days in office

Joe Biden. Photo: Mark Makela/Gettu Images

President-elect Joe Biden and Vice President-elect Kamala Harris sat down with CNN on Thursday for their first joint interview since the election.

The big picture: In the hour-long segment, the twosome laid out plans for responding to the pandemic, jump-starting the economy and managing the transition of power, among other priorities.

The quick FCC fix that would get more students online

Illustration: Sarah Grillo/Axios

As the pandemic forces students out of school, broadband deployment programs aren't going to move fast enough to help families in immediate need of better internet access. But Democrats at the Federal Communications Commission say the incoming Biden administration could put a dent in that digital divide with one fast policy change.

State of play: An existing FCC program known as E-rate provides up to $4 billion for broadband at schools, but Republican FCC chairman Ajit Pai has resisted modifying the program during the pandemic to provide help connecting students at home.

Dion Rabouin, author of Markets
45 mins ago - Politics & Policy

America's hidden depression

Biden introduces his pick for Treasury secretary, Janet Yellen, on Dec. 1. Photo: Alex Wong/Getty Images

President-elect Biden faces a fragile recovery that could easily fall apart, as the economy remains in worse shape than most people think.

Why it matters: There is a recovery happening. But it's helping some people immensely and others not at all. And it's that second part that poses a massive risk to the Biden-Harris administration's chance of success.